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Famed Italian design house Pininfarina, a subsidiary of Mahindra Group, has signed a £30 million deal with Iranian automotive company Iran Khodro to design a new platform that'll underpin at least four vehicles.
The deal will see the Italian firm create a vehicle architecture capable of underpinning at least four different vehicles, the first of which is expected to be a mid-sized passenger car.
The deal will also cover product development via virtual and physical validation for mass production and it will even support to start production for the Iranian automotive company.
According to Pininfarina chief executive Silvio Pietro Angori, "The agreement with Iran Khodro represents another important step in the growth strategy of Pininfarina on markets of the new Silk Road and the Middle East. We are happy to contribute to the development of the Iranian Automotive industry through a very significant style and engineering program for our company".
The agreement, which is aimed to last three years, is not the first time for Pininfarina. Pininfarina has expanded its product range to include full engineering projects like the recent Hybrid Kinetic Group turbine cars and Pininfarina Fittipaldi EF7.
The famed design house is also preparing an electric supercar, with ties to parent company Indian automotive giant Mahindra's association in Formula E.
The Mahindra group had announced to acquire Pininfarina for over 50 million euros (nearly Rs 370 crore) after months of discussions back in 2015. Tech Mahindra and Mahindra & Mahindra (M&M) own 60 percent and 40 percent, respectively in the design firm.